Manufacturing Business Outlook Survey: New orders: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - Philly FED - Monthly
This series is part of the dataset: Manufacturing Business Outlook Survey (Philly FED)
Download Full Dataset (.xlsx)Latest updates. According to recent survey data about manufacturing firms in the Third Federal Reserve District, the seasonally adjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was 29.2 in September 2026, compared to 30.1 in August.
Sample. There are 701 observations in the monthly series shown in the figure above. The series covers the span of time extending from May 1968 to September 2026.
History. Here's a snapshot of some summary statistics computed on the full sample: the diffusion index attained a maximum of 56.2 in March 1973; it hit a trough of -69.9 in April 2020; it had a mean of 9.5.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 37.0000 |
| 2026-08-31 | 30.1000 |
| 2026-09-30 | 29.2000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did new orders increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident indicator of the business cycle |
| Deflation method | Not applicable |
| Seasonally adjusted | Yes |
| Rescaling | None |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of Philadelphia |
| Source type | Central bank |
| Data licence | Not copyrightable under U.S. law |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
Series in the same data set
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